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Saxo forecasts slightly slower GDP growth in 2011


2011-01-24



Saxo Bank expects the Polish economy to grow by a „respectable” 3.5% this year, slightly slower than the estimated 3.7% rise in 2010.

According to the Danish bank, the main growth drivers in 2011 will be continued strength in consumption and resilient export demand led by Germany. As a result, the economy will be adding jobs, with the unemployment rate expected to drop to 11.1% by the end of the year from 11.7% at the end of November. However, the contribution to GDP growth of stock rebuilding will be smaller than in 2010, leading to a slight easing of the overall growth rate. Annual inflation is forecast to hit 2.8%, remaining high especially in the early part of the year, due to a combination of strong demand and the impact of the VAT rise.



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